The best online savings accounts earn top rates while giving you a safe place to park your money.
Because online banks don’t have the expense of maintaining branches, they can offer high interest savings paying upward of 2% APY — many times higher than the national average of 0.09%. That may not sound like much of a difference, but it adds up (especially with the magic of compound interest).
Our Nerds did extensive, independent research on dozens of banks to find the best high-yield savings accounts. We looked for the best savings interest rates plus great digital tools, free access to plenty of ATMs and more.
|Best high-interest savings accounts|
Marcus by Goldman Sachs
Barclays Online Savings
American Express National Bank
HSBC Direct Savings
CIT Bank Savings Builder
Ally Online Savings
Synchrony High Yield Savings
Alliant Online Savings
Here are more details about NerdWallet’s top high-yield online savings accounts.
Keep in mind: When you have sufficient funds stored in your deposit accounts (see what’s recommended) and you’re willing to take on some risk, look to investing. The stock market’s average annual return is 8%. A good place to start is the top IRA accounts, once you have a cash cushion in a high-yield savings account.
Marcus by Goldman Sachs, 2.25% APY
Marcus by Goldman Sachs pays a highly competitive 2.25% APY on savings deposits (as well as strong CD rates for longer-term savings goals). This online bank charges no monthly fees, and the minimum balance required to earn interest is just $1. But the bank doesn’t offer a checking account or access to an ATM network. And its savings account requires another bank account to make deposits and withdrawals. (For CD rates and more, read our Marcus by Goldman Sachs review.)
Citizens Access, 2.35% APY
Citizens Bank has an online-only division with a savings account that offers top-of-the-line rates. You need $5,000 to open an account, which is high compared to some other banks, but there are no monthly fees. If your balance drops below $5,000, the APY also drops to a less impressive 0.25%. You can deposit checks using the bank’s website, including on your mobile browser, but there is no bank mobile app to download.
Barclays Online Savings, 2.20% APY
American Express National Bank, 2.10% APY
Discover Bank, 2.10% APY
Discover Bank has a strong APY of 2.10%. The bank’s website is easy to navigate, and both its iOS and Android apps receive high ratings. There’s one branch in Delaware, but customer support is available by phone 24/7. Discover also has a $150 or $200 bonus for first-time savings customers. There is no monthly fee, but note that the deposit requirement to earn a bonus is fairly substantial at $15,000 or or $25,000, respectively. (Details below.)
For more about the bank, including its highly rated checking account, see our Discover review.
HSBC, 2.22% APY
CIT Bank Savings Builder, 2.45% APY
Steady savers can earn 2.45% APY when they deposit at least $100 each month in CIT Bank’s Savings Builder account. If you don’t have $100 to deposit each month, you can open a CIT Bank Premier High Yield Savings account and still earn a competitive APY of 1.55%. There are no monthly fees or daily minimum balance requirements for either account, but the minimum opening deposit is $100. (Read our CIT review for details on its savings accounts.)
Ally Bank, 2.20% APY
Ally Bank has one of the best savings accounts when it comes to overall digital experience. The website is easy to use, and the bank’s mobile apps are compatible with Apple, Android and Windows devices. It also offers real-time chat support, unlike many of its competitors. The 2.20% APY is among the best on the market, and there’s no monthly fee or minimum deposit requirement. (Read our Ally review.)
» See Ally’s checking and more on our list of best online checking accounts
Synchrony High Yield Savings, 2.25% APY
Synchrony offers an excellent savings account along with the convenience of an ATM card. It pays a 2.25% APY. There’s no monthly fee or minimum balance requirement, and you can earn a variety of perks, such as ATM fee reimbursements and travel discounts. (For more details, read our Synchrony review.)
Alliant, 2.10% APY
Many credit unions restrict their membership by area or employer, but Chicago-based Alliant Credit Union is different. You can apply for membership by indicating your support for the charity Foster Care to Success. (Alliant will make a $5 donation on your behalf.) Members can open an Alliant savings account that pays a 2.10% APY on balances of $100 or more. The credit union waives the $1 monthly fee if you choose e-statements. Phone support is available 24/7.
A $5 minimum deposit is required to open an account, but Alliant has you covered there: The credit union pays you a $5 bonus when you open an account. (See our Alliant review for more details.)
More top choices for the best savings interest rates
Here are five more competitive choices for high-yield savings. These banks may have a higher minimum balance to earn interest, or a slightly lower APY. But when you’re shopping for the account that fits you best, they’re worth checking out.
- Bank5 Connect, 2.05% savings APY with $100 minimum (read full review)
- PurePoint Financial, 2.35% savings APY, $10,000 minimum (read full review)
- Popular Direct, 2.36% savings APY, $5,000 minimum (read full review)
- Axos Bank, 1.30% savings APY with no minimum (read full review)
- FNBO Direct, 2.15% savings APY with no minimum (read full review)
» Interested in getting money from banks? See NerdWallet’s best bank account promotions and bonuses
We took a close look at over 70 financial institutions, including the largest U.S. banks based on assets, debit card volume, Internet search traffic and other factors; the nation’s largest credit unions, based on deposits as well as broad-based membership requirements; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
Financial institutions surveyed include: Alaska USA Federal Credit Union, Alliant Credit Union, Ally Bank, America First Credit Union, American Express, Aspiration, Associated Bank, Axos Bank, Bank5 Connect, Bank7, Bank of America, Bank of the West, Barclays, BB&T, BBVA Compass, Boeing Employees Credit Union, BMO Harris, Capital One 360, Charles Schwab Bank, Chase, Chime, CIT, Citibank, Citizens Access, Citizens Bank, Comerica Bank, Commerce Bank, Connexus Credit Union, Consumers Credit Union, Discover Bank, E-Trade, Fidelity, Fifth Third Bank, First National Bank, First Tech Federal Credit Union, GoBank, Golden 1 Credit Union, GS Bank, HSBC Bank USA, Huntington Bank, KeyBank, MetaBank, M&T Bank, Moven, Navy Federal Credit Union, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Radius Bank, Redneck Bank, Regions Bank, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, Simple, State Employees’ Credit Union of North Carolina, State Farm Bank, Suncoast Credit Union, SunTrust Bank, Synchrony Bank, TCF Bank, TD Bank, TIAA Bank, Union Bank, UFB Direct, USAA, U.S. Bank, Varo, Wells Fargo and Zions Bank.